HB 429 (2025), version 2: state special revenue account for investment in precious metals and digital assets (died)

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- 2025
69th Legislature 2025                                                                                           HB0429.2

  1                                                  HOUSE BILL NO. 429

  2     INTRODUCED BY C. SCHOMER, W. GALT, E. ALBUS, R. GREGG, E. TILLEMAN, D. ZOLNIKOV, N. NICOL,

  3     G. LAMMERS, M. YAKAWICH, S. FITZPATRICK, B. LER, G. OBLANDER, K. ZOLNIKOV, L. BREWSTER, B.

  4                                      MITCHELL, G. NIKOLAKAKOS, S. ESSMANN

  5

  6    A BILL FOR AN ACT ENTITLED: “AN ACT CREATING A STATE SPECIAL REVENUE ACCOUNT FOR

  7    INVESTMENT IN PRECIOUS METALS AND DIGITAL ASSETS AS DETERMINED BY THE BOARD OF

  8    INVESTMENTS; PROVIDING DEFINITIONS; PROVIDING FOR A TRANSFER; AND PROVIDING AN

  9    EFFECTIVE DATE.”

 10

 11    BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:

 12

 13            NEW SECTION. Section 1.         Short title. [Sections 1 through 4] may be cited as the "Inflation

 14    Protection Act of 2025".

 15

 16            NEW SECTION. Section 2.         Definitions. As used in [sections 1 through 4], unless the context clearly

 17    indicates otherwise, the following definitions apply:

 18            (1)      "Digital asset" means virtual currencies, cryptocurrencies, native electronic assets, including

 19    stablecoins and nonfungible tokens, and other digital-only assets that confer economic, proprietary, or access

 20    rights or powers.

 21            (2)      "Exchange-traded product" means a financial instrument that is approved by the securities and

 22    exchange commission, the commodities future trading commission, or the state securities commissioner that is

 23    traded on an American regulated exchange and derives its value from an underlying pool of assets, such as

 24    stocks, bonds, commodities, or indexes.

 25            (3)      "Precious metal" means the following, whether in coin, bullion, or other form:

 26            (a)      silver;

 27            (b)      gold; and

 28            (c)      platinum.

                                                               -1-                    Authorized Print Version – HB 429
 - 2025
69th Legislature 2025                                                                                             HB0429.2

  1            (4)      "Qualified Custodian" means a federal or state-chartered bank, trust company, or special

  2    purpose depository institution or a company regulated by the state that provides custody for digital assets for an

  3    approved exchange-traded product.

  4            (5) (4) "Stablecoin" means a digital asset that is used by a corporation backed by dollars or high-

  5    quality liquid assets and is redeemable on demand by the holder in part for a fixed monetary value in equivalent

  6    Unites States dollars.

  7

  8            NEW SECTION. Section 3.         Inflation Protection Act state special revenue account. (1) There is

  9    an Inflation Protection Act state special revenue account within the state special revenue fund provided for in

 10    17-2-102 that must be invested by the board as part of the unified investment program.

 11            (2)      The account is funded by legislative transfers and is subject to legislative transfers.

 12            (3)      Any proceeds from the investment of funds in this account must remain in the account.

 13

 14            NEW SECTION. Section 4.         Authorized holding of funds. The board of investments is authorized to

 15    invest the funds in the account provided for in [section 3] in precious metals, digital assets with a market cap of

 16    over $750 billion averaged over the previous calendar year, and stablecoins. These funds must be held by a

 17    qualified custodian or through an exchange-traded fund.

 18

 19            NEW SECTION. Section 5.         Transfer of funds. By July 15, 2025, the state treasurer shall transfer up

 20    to $50 million from the general fund to the account provided for in [section 3].

 21

 22            NEW SECTION. Section 6.         Codification instruction. [Sections 1 through 4] are intended to be

 23    codified as an integral part of Title 17, chapter 1, and the provisions of Title 17, chapter 1, apply to [sections 1

 24    through 4].

 25

 26            NEW SECTION. Section 7.         Effective date. [This act] is effective July 1, 2025.

 27                                                           - END -

                                                                -2-                     Authorized Print Version – HB 429